Financial aid facts
Where should I begin my search?
The financial aid offices at the colleges to which you will apply are the best places to begin your search for information. The financial aid administrator can tell you about student aid available from the federal government, your state government, the college itself, and other sources. Talk to the college about financial aid early in your senior year of high school.
The most common college-funded scholarship/financial aid programs are merit-based programs, talent-based programs, need-based programs, trait-based programs, and alternative programs such as jobs, various payment plans, and guaranteed tuition plans.
Many colleges use the FAFSA (see below) to determine your eligibility for college-based financial aid. Some use the PROFILE application, sponsored by the College Scholarship Service. Check with the colleges of your choice to see if you need to fill out this form. Your high school guidance counselor's office should also have a booklet listing the colleges that use the PROFILE.
What about federal student aid?
After talking to the colleges you are interested in, apply for federal student aid. The major source of student financial aid is the U.S. Department of Education. According to the Department, nearly 70 percent of the student aid that is awarded each year comes from Department of Education programs.
A critical step in receiving federal aid is filling out the Free Application for Federal Student Aid (FAFSA). You can complete a FAFSA online, filing as early as January 1. Filling out this form is well worth your time -- many colleges use the FAFSA information to award aid in their own need-based programs.
You'll find The Student Guide , a very helpful booklet about financial aid from the U.S. Department of Education, on the web at www.ed.gov/prog_info/SFA/StudentGuide. You may also request The Student Guide or the FAFSA by calling the Federal Student Aid Information Center toll-free:
1-800-4 FED AID
(1-800-433-3243)
(TDD 1-800-730-8913)
Monday - Friday, 8 a.m. - 8 p.m. EST
The major sources of aid from the U.S. Department of Education are:
- Federal Stafford Loans
- Federal PLUS Loans
- Federal Direct Loans
- Federal Pell Grants
- Federal Supplemental Educational Opportunity Grants
- Federal Perkins Loans
- Federal Work-Study
Where can I get information about state student aid?
To find out about state programs, call or visit the web site of your state education agency (usually in the capital of your state). You can call the Federal Student Aid Information Center (see number above) to get the phone numbers for your state. States sponsor both need-based and non-need-based programs.
What are some other sources of student aid?
Student aid may also be available from foundations, religious organizations, community organizations, and civic groups. Look into these options after exploring government-based and college-based aid. College financial aid officers or your public library are the best sources for information about aid of this type. Also, check with your parents' employers to see if they award scholarships or have a tuition payment plan.
Are there special scholarships for Catholic students?
Yes, organizations such as The Catholic Aid Association offer scholarships to their members. Call Catholic Aid at 1-800-568-6670 or visit their web site at www.catholicaid.com. Remember to ask college financial aid offices for sources of aid.
Should I use scholarship search services?
You may be disappointed by the results from a scholarship search service, but it doesn't hurt to try if the service is free.
Your high school may provide a free scholarship search service, and there are plenty of free services available on the Web. These services usually provide a list of sources of private and other financial aid. After you get a list, you have to contact organizations to request their application.
You may have heard that millions of dollars in student aid go unclaimed every year, but don't be fooled. That large figure represents an estimated national total of employee benefits or member benefits. Usually, such benefits are available only to the employees and families of a specific company, or to the members of a specific union or other organization.
